News

03.24.11

PulteGroup Terminates Revolving Credit Facility

Company Cites its Ample Liquidity and Cost Saving Opportunity

BLOOMFIELD HILLS, Mich., Mar 25, 2011 (BUSINESS WIRE) --

PulteGroup, Inc. (NYSE: PHM) announced today its decision to terminate
the Company's $250 million revolving credit facility effective March 30,
2011. The Company will realize a charge of approximately $1.3 million
associated with this action which will be recorded in its first quarter
financial results.

"Over the past 36 months, PulteGroup has paid down more than $3.1
billion of senior debt and other bond obligations," said Roger A. Cregg,
Executive Vice President and CFO. "With $1.5 billion in cash on our
balance sheet at year end, we have ample liquidity to fund current
operations and near-term growth opportunities. We would expect to
replace the facility in the next 12 to 18 months, but see this action as
a way to further reduce operating costs."

Forward-Looking Statements

This press release includes "forward-looking statements." These
statements are subject to a number of risks, uncertainties and other
factors that could cause our actual results, performance, prospects or
opportunities, as well as those of the markets we serve or intend to
serve, to differ materially from those expressed in, or implied by,
these statements. You can identify these statements by the fact that
they do not relate to matters of a strictly factual or historical nature
and generally discuss or relate to forecasts, estimates or other
expectations regarding future events. Generally, the words "believe,"
"expect," "intend," "estimate," "anticipate," "project," "may," "can,"
"could," "might," "will" and similar expressions identify
forward-looking statements, including statements related to expected
operating and performing results, planned transactions, planned
objectives of management, future developments or conditions in the
industries in which we participate and other trends, developments and
uncertainties that may affect our business in the future.

Such risks, uncertainties and other factors include, among other things:
interest rate changes and the availability of mortgage financing;
continued volatility in, and potential further deterioration of, the
debt and equity markets; competition within the industries in which
PulteGroup operates; the availability and cost of land and other raw
materials used by PulteGroup in its homebuilding operations; the
availability and cost of insurance covering risks associated with
PulteGroup's businesses; shortages and the cost of labor; weather
related slowdowns; slow growth initiatives and/or local building
moratoria; governmental regulation directed at or affecting the housing
market, the homebuilding industry or construction activities;
uncertainty in the mortgage lending industry, including revisions to
underwriting standards and repurchase requirements associated with the
sale of mortgage loans; the interpretation of or changes to tax, labor
and environmental laws; economic changes nationally or in PulteGroup's
local markets, including inflation, deflation, changes in consumer
confidence and preferences and the state of the market for homes in
general; legal or regulatory proceedings or claims; required accounting
changes; terrorist acts and other acts of war; and other factors of
national, regional and global scale, including those of a political,
economic, business and competitive nature. See PulteGroup's Annual
Report on Form 10-K for the fiscal year ended December 31, 2010, and
other public filings with the Securities and Exchange Commission (the
"SEC") for a further discussion of these and other risks and
uncertainties applicable to our businesses.

About PulteGroup

PulteGroup, Inc. (NYSE: PHM) based in Bloomfield Hills, Mich., is
America's premier home building company with operations in 67 markets,
29 states and the District of Columbia. The Company has an unmatched
capacity to meet the needs of all buyer segments through its brand
portfolio that includes Pulte Homes, Centex and Del Webb. As the most
awarded homebuilder in customer satisfaction, the brands of PulteGroup
have consistently ranked among the nation's top homebuilders as surveyed
by third-party, independent national customer satisfaction studies.

The RiverLights master-planned community, home to Del Webb Wilmington, has been awarded a Best Neighborhood designation by Where to Retire magazine. The award recognizes outstanding master-planned and active adult communities.

Featured Multimedia

Pulte Smart Home gives you the flexibility the make your home exactly as smart as you want it to be, from the basic prewired and ready for anything to the full suite of automation that really brings your home to life.

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